Evolve Business Intelligence has published a research report on the Global Agriculture Crop Insurance Market, 2021–2030. The global Agriculture Crop Insurance market is projected to exhibit a CAGR of around 8.2% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has recognized the following companies as the key players in the global Agriculture Crop Insurance market are Farmers Mutual Hail, Diversified Crop Insurance Services, Agriculture Insurance Company of India Limited (AIC), Chubb, American Financial Group Inc, Everest Re Group, Fairfax Financial Holdings Limited, ICICI Lombard General Insurance Company Limited, PICC, Sompo International Holdings Ltd, QBE Insurance Group Limited, Tokio Marine, Zurich.
The global Agriculture Crop Insurance market is projected to be valued at $71.3 Billion by 2030, recording a CAGR of around 8.2% during the forecast period. Agricultural crop insurance is an important investment because it safeguards against substantial revenue devaluation due to a decrease in agricultural prices and revenue losses caused by natural disasters, such as hail, drought, disease, and wildlife. It also protects against fire, water, and pest infestation. The agricultural insurance industry involves huge participation from diverse groups of actors and is also a major chunk of the agricultural sector. A few countries have also introduced guidelines on crop loans for farmers in the market. They demand that farmers must have crop insurance coverage before the loan can be availed.
The COVID-19 pandemic had a significant effect on the crop insurance industry, owing to widespread fear of the virus and extraordinary transportation restrictions that interrupted commodity supply chains. Furthermore, during a pandemic crisis, a labour scarcity for harvesting and providing crops in the market has an indirect impact on the crop insurance market. As a result, crop harvesting and supply concerns diminish crop insurance demand. However, after recovering from the COVID-19 epidemic, the crop insurance industry is set to prosper in the next years.
The global Agriculture Crop Insurance market has been segmented based on Coverage, Distribution Channel, and region.
By Coverage, the Agriculture Crop Insurance market is segmented based on Multi-peril Crop Insurance (MPCI) and Crop-hail Insurance. The multi-peril crop insurance segment has the largest segment of the crop insurance industry and is expected to continue to be dominant during the projection period. This is owing to the benefits provided and the fact that many farmers plant a variety of crops on a seasonal and rotational basis to boost output and profitability.
Based on Distribution Channel, the Agriculture Crop Insurance market is segmented based on Banks, Insurance Companies, Brokers/Agents, and Others. The Insurance Companies segment is expected to dominate the agriculture crop insurance market due to its extensive distribution network. They can reach out to rural communities, where crop insurance sales are higher than in metropolitan ones.
The Agriculture Crop Insurance market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America is projected to dominate the use of the Agriculture Crop Insurance market followed by the Europe and Asia-Pacific regions. Emerging economies, and also increased awareness of insurance packages and risk management plans, are significant drivers projected to drive growth in the North American agriculture crop insurance market. Furthermore, growing investments in technological developments by manufacturers operating in the region are propelling the North American market ahead. The Asia Pacific market revenue increased at a quick CAGR in 2021, and this trend is expected to continue throughout the forecast period. Rapid expansion is attributed to factors such as increased emphasis on expanding agricultural productivity as a result of the fast increasing population and rising food demand, and the solid presence of significant players in the region’s countries.